Quintiles Transnational Corp.

Quintiles Reports 2nd Quarter Net Revenue of $426 Million

    Research Triangle Park, North Carolina (ots/PRNewswire) -

    - Strong net new business growth, up 31% for first half of 2004

    - Fourth consecutive half-year increase in total net new business wins

    Quintiles Transnational Corp. today announced financial results for the quarter ended June 30, 2004. Net revenue for second quarter 2004 was  US$425.8 million versus US$408.4 million for the same period in 2003. Net  loss for second quarter 2004 was US$10.1 million, reflecting increased costs  and expenses from project startups.

    For the first half of 2004, net new business totaled an estimated US$954.5 million, a 31% increase from the US$727.3 million in net new business reported for the same period in 2003. Total backlog as of June 30, 2004, was approximately US$2.2 billion.

    "We continue to perform strongly in winning new business -- almost a billion dollars in the first six months of the year," said Quintiles Transnational Chairman and Chief Executive Officer Dennis Gillings, Ph.D. "This is our fourth consecutive half-year increase in net new business and further evidence of the high-quality work we do for customers and our increased business development efforts."

    Quintiles Transnational Executive Vice President and Chief Financial Officer John Ratliff said: "In addition to new business wins, we are pleased with our sequential quarterly growth in service revenue. Our plans now are to build on these strengths while focusing on increasing margins."

    During second quarter 2004, Quintiles and Mitsui & Co. completed a previously announced transaction whereby Mitsui become a 20% shareholder in Quintiles Transnational Japan K.K. Quintiles and Quintiles Japan received a total of approximately 8.7 billion yen (approximately US$79.9 million) in cash from Mitsui in the transaction, with Quintiles having the ability to receive up to an additional 2.0 billion yen (approximately US$18.5 million) based on Quintiles Japan's future financial performance. As a result of the Mitsui transaction, Quintiles recognized a pre-tax gain of US$34.7 million during the quarter.

    Earlier this week, Quintiles and Bradley Pharmaceuticals, Inc. (NYSE: BDY) completed the previously announced sale of certain assets relating to its Bioglan Pharmaceuticals subsidiary to Bradley for US$188.3 million in cash, including approximately US$5.4 million of direct costs for transferred inventory. During the quarter, Bioglan was classified as a discontinued operation.

    "The closings of the Mitsui and Bioglan transactions further bolster our already strong cash position," Ratliff said. As of June 30, 2004, prior to the closing of the Bioglan transaction, Quintiles had cash, cash equivalents, marketable securities and debt investments valued at US$421.2 million.

    Quintiles Transnational's second quarter 2004 financial briefing will be held at 9:00 a.m. EDT on Monday, Aug. 16, and will be broadcast live over the Web. The webcast or replay, which will be available through 5:00 p.m. EDT Aug. 27, can be accessed at http://www.quintiles.com/corporate_info/broadcast_center .

    Quintiles helps improve healthcare worldwide by providing a broad range of professional services, information and partnering solutions to the pharmaceutical, biotechnology and healthcare industries. Headquartered near Research Triangle Park, North Carolina, Quintiles has offices in 50 countries and is the world's leading pharmaceutical services organization. For more information visit the company's Web site at http://www.quintiles.com .

    The schedules attached to this release are an integral part of this release. Information in this press release contains "forward looking statements" about Quintiles. These statements involve risks and uncertainties that could cause actual results to differ materially, including, without limitation, the ability to maintain large customer contracts or to enter into new contracts, changes in trends in the pharmaceutical industry, the risk that the market for our products and services will not grow as we expect, the risk that our PharmaBio transactions will not generate revenue or profit at the rate or levels we anticipate or that royalty revenues under the PharmaBio agreements may not be adequate to offset Quintiles' upfront and ongoing expenses in providing sales and marketing services or in making milestone and marketing payments, our ability to fulfill our obligations under our financing arrangements and the potential impact on our operations, our ability to efficiently distribute backlog among project management groups and match demand to resources, actual operating performance, variation in the actual savings and operating improvements resulting from previous restructurings, and the ability to operate successfully in new lines of business. Additional factors that could cause actual results to differ materially are discussed in the company's recent filings with the Securities and Exchange Commission, including but not limited to its Annual Report on Form 10-K, its Form 8-Ks, and its other periodic reports, including Form 10-Qs.

    All figures in US$

@@start.t1@@      Condensed Consolidated Statements of Income
      (Unaudited)
                                                         Three        Three            Six          Six
                                                         months      months         months      months
                                                         ended        ended          ended        ended
                                                        June 30,  June 30,      June 30,  June 30,
                                                          2004         2003            2004         2003
                                                      Successor Predecessor Successor Predecessor
      In thousands
      Net revenues                                 $425,766  $408,398    $848,960    $811,952
      Add:  reimbursed service costs        82,306      96,797      164,765      191,138
      Gross revenues                                508,072    505,195  1,013,725  1,003,090
      Costs, expenses and other:
              Costs of revenues                  372,062    337,493      728,664      669,600
              General and administrative    158,984    137,232      314,602      268,236
              Interest expense (income),
                net                                         14,576      (4,360)      29,195      (8,128)
              Other (income) expense, net      1,199      (8,267)      (1,992)    (5,425)
              Transaction                                      0        2,231                0         3,887
              Gain on sale of portion of
                an investment in a
                subsidiary                            (24,688)            0      (24,688)              0
              Non-operating gain on
                change of interest
                transaction                          (10,030)            0      (10,030)              0
                                                            512,103    464,329  1,035,751      928,170@@end@@

@@start.t2@@      (Loss) income before income
        taxes                                              (4,031)    40,866      (22,026)      74,920
      Income tax expense                          14,133      14,531        13,408        27,020
      (Loss) income before equity in
        earnings of unconsolidated
        affiliates and other                    (18,164)    26,335      (35,434)      47,900
      Equity in losses of
        unconsolidated affiliates and
        other                                                 (201)          20          (456)            16
      (Loss) income from continuing
        operations                                    (18,365)    26,355      (35,890)      47,916
      Income from discontinued
        operation                                         8,280        3,242        10,141         6,837
      Net (loss) income                         $(10,085)  $29,597    $(25,749)    $54,753@@end@@

@@start.t3@@  Consolidated Balance Sheet Data
      (Unaudited)
                                                                         June 30,            December 31,
                                                                            2004                      2003
      In millions                                                Successor              Successor
      Cash, cash equivalents and debt
        investments                                                            $387                      $385
      Investments in marketable equity
        securities                                                                 34                         58
      Investments in non-marketable equity
        securities and loans                                                 53                         49
      Investments in unconsolidated
        affiliates                                                                121                        121
      Working capital                                                         285                        213
      Total assets                                                          1,990                    1,993
      Debt including current portion                                 793                        794
      Shareholders' equity                                                 510                        535@@end@@

@@start.t4@@      Segment Information
      (Unaudited)
                                                Three months Three months Six months Six months
                                                      ended         ended            ended         ended
                                                    June 30,    June 30,        June 30,    June 30,
                                                        2004          2003              2004          2003
                                                  Successor  Predecessor  Successor Predecessor
      In thousands
      Service revenues:
          Product development              $268,363  $251,374      $531,047      $501,410
          Commercial services                158,859    138,852        305,846        265,567
          Informatics                                      0              0                 0                 0
          Eliminations                            (8,596)  (10,893)      (14,879)    (18,988)
      Total net service revenues         418,626    379,333        822,014        747,989
      PharmaBio Development
          Commercial rights and
            royalties                                15,155      17,753         30,741         34,704
          Investment                                (8,015)    11,312         (3,795)        29,259
      Total PharmaBio Development          7,140      29,065         26,946         63,963
      Total net revenues                      425,766    408,398        848,960        811,952
      Reimbursed service costs              82,306      96,797        164,765        191,138
      Gross revenues                          $508,072  $505,195  $1,013,725  $1,003,090@@end@@

@@start.t5@@      Contribution (revenues less
        cost of revenues excluding
        depreciation and amortization
        expense except as noted
        below):
          Product development              $128,353  $128,080      $256,414      $254,394
          Commercial services                 61,310      50,713        115,865         95,623
          PharmaBio Development
            (includes amortization
            and depreciation expense
            noted below)                         (21,497)      9,415        (22,156)        24,126
          Informatics                                      0              0                 0                 0
      Total contribution                    $168,166  $188,208      $350,123      $374,143
      Depreciation and amortization
        expense (excluded from
        contribution except as noted
        below):
          Product development                $21,182    $14,427        $42,772        $29,374
          Commercial services                  7,823        5,875         16,007         10,866
          PharmaBio Development
            (included in
            contribution)                          1,015          771          1,819          1,531
          Informatics                                      0              0                 0                 0
          Corporate                                  3,151          203          6,284              413
      Total depreciation and
        amortization expense                 $33,171    $21,276        $66,882        $42,184@@end@@

@@start.t6@@      Web site:  http://www.quintiles.com/corporate_info/broadcast_center
                        http://www.quintiles.com@@end@@

ots Originaltext: Quintiles Transnational Corp.
Im Internet recherchierbar: http://www.newsaktuell.ch

Contact:
Jay Johnson, Media Relations, media.info@quintiles.com, or  Greg
Connors, Investor Relations, invest@quintiles.com, both of Quintiles
Transnational Corp., +1-919-998-2000



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